“In January, I had said 30% was the goal. We were in the mid-20s. We just printed 27% GAAP, 28% [Ex-CPE] (ph). It's a core stated objective. It will take some quarters to get there, but we intend on achieving it over time as we continue to grow assets and scale in the business.”

In context

“link to general weakness in overall capital markets activity. And as you hear from our bullish commentary with respect to overall corporate finance activity in the investment bank, that will bleed through over time to the transactional line. And then third, the net interest income line. And as Sharon said, that will inflect and should inflect over the next year. You put those together, the scale of the business, the funnel, and the processing of $100 million of revenues a day that continue to grow, we are going to continue to achieve operating leverage. It's that simple. We're investing in E*TRADE. We're investing in the traditional advisor, and we're spending a lot of time top of house focused on workplace, which we think is an enormous opportunity across our corporate and sponsor base. In January, I had said 30% was the goal. We were in the mid-20s. We just printed 27% GAAP, 28% [Ex-CPE] (ph). It's a core stated objective. It will take some quarters to get there, but we intend on achieving it over time as we continue to grow assets and scale in the business. Operator: We'll move to our next question from Mike Mayo with Wells Fargo. Please go ahead. Ted Pick: Good morning Mike. Mike Mayo: Hi, Ted, you've said this and Sharon repeated this that the industry is only in the early innings of an investment banking rebound. I have to say we've heard that for a couple of years and there now is this time, why is this time real? Do you expect the rebound to continue through the normally slow summer period before the election? How many years? What gives you confidence that this is for real? And how much is your backlog up quarter-over-quarter? Ted Pick: It's an excellent question because you're exactly right that a number of folks have been calling for this and it has been sort of a delayed shoots if you will. But I think now we are seeing some temperin”